The Global Payments Report 2019 revealed revenues from global payments amounted to $1.9 trillion, while transaction fee growth stagnated as a result of competitive … Asia–Pacific (APAC) payments revenues grew by 6 percent in 2018, in line with GDP growth for the region (but contrary to what one could expect, slower than in North America). Accessed December 02, 2020. https://www.statista.com/statistics/609723/value-of-cross-border-payments-by-type/, Accenture. Adyen has extensive global coverage of over 30 currencies. New, Figures and insights about the advertising and media world, Industry Outlook Join an esteemed International Panel of FinTech, Trade, and Global Payment professionals for a lively discussion of the latest industry trends and developments. The value of global cross-border payments … i For decades, Western Union already paid out in minutes into 550,000 agent locations in 200 countries and territories. The work spans across the revenue collection and expenditure side, including large scale programs like tax collection, public sector salary payments, public procurement and other Government to Person (G2P) payments. Full Conference: Cross-Border Payments—A New Beginning. In 2015, the payments constituted 20 percent of the entire transactions in the payments industry, generating 50 percent of transaction revenues. International payments have been a crucial element in the growth and sustainability behind today’s global economy. Credit cards alone will add an additional $160 billion of revenue (23 percent of global growth) over the next five years, as the largest credit-card market—the United States—will continue to deliver stable growth, while emerging markets will contribute increased penetration and usage. They rose by $134 billion during Q4 2018, to stand at $29 trillion at end-2018. Whilst collecting funds cross-border is the most prominent pain point, sellers working in a cross-border context have both local and overseas pay out requirements. Chart. 25 November, 2020. Enhancing cross-border payments is a G20 priority during the Saudi Arabian Presidency. The task force’s co-chairs will unveil this ambitious roadmap, and kick-off a public consultation with users, innovators, regulators, and policymakers to further refine the plan. tab. tab, Travel, Logistics & Transport Infrastructure. Key findings were discussed on a January webinar entitled Go Global: A Review of Progress and Pain in Cross-Border Payments (Off-site), where nearly 700 highly engaged stakeholders attended, demonstrating rich interest in this topic. The real issue is bringing together global ambitions with the realities of operating under local conditions and regulations, and this practical perspective is indispensable. In part two of our three-part series on 2019 B2B payment trends, the focus is on the promising future for cross-border payments. ... FXC Intelligence provides some of the best data and insights on the cross-border payments industry globally. FinTechs are expected to account for 13.3 percent of cross-border B2B transfer value by 2020, totaling $29 trillion, a nearly 6 percent increase from 2017 levels. Panel 4: Cross-Border Payments—A Global Roadmap for Improvements The G20 requested that an international task force propose a roadmap of concrete actions to improve cross-border payments. Second, corporate account-to-account payments have exhibited solid revenue growth, driven by both increases in volume and unit pricing as banks seek to counterbalance the loss in liquidity revenue. Global-e eliminates all complexities involved in cross-border selling including fraud, currency fluctuation, distance selling regulation, country restrictions and import processing, to ensure a seamless risk-free merchant experience. Cross-Border Payment Platform market is segmented by company, region (country), by Type, and by Application. Transaction revenues in China have “only” grown at a 13 percent CAGR from 2013 to 2018 because of lower transaction margins in China (compared with the United States, for example). In Asia as well, account-to-account and credit-card fees per transaction are already comparable to those in developed countries and are not expected to undergo major shifts. The demand for fast, efficient and transparent cross-border payments is higher today than ever before. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Research expert covering finance, insurance & real-estate, internet & e-commerce, Profit from additional features with an Employee Account. The continued shift away from cash is partly a result of the strong performance of card transactions in combination with payments solutions enabled by genuine innovation (for example, real-time payments and mobile wallets) and regulation (for example, the second Payment Services Directive [PSD2] and open banking). our use of cookies, and Unleash their potential. collaboration with select social media and trusted analytics partners Cross-border payments are vital to the overall global payments infrastructure. For more on 2019 payment trends, check out our first post on payment automation. The Federal Reserve recently conducted a review of the current cross-border payments landscape to better understand developments and ongoing challenges. Statista. "Value of Cross-border Payments Worldwide from 2016 to 2022, by Type (in Trillion U.S. New Report On Global Cross-Border Payment Platform Market 2020 by Company, Regions, Type and Application, Forecast to 2025 added to Orbisresearch.com store which has 102 pages and available for purchase at US $ 3480. Trade flows as a percentage of global GDP have remained stable over this period. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. You only have access to basic statistics. ", Accenture, Value of cross-border payments worldwide from 2016 to 2022, by type (in trillion U.S. dollars) Statista, https://www.statista.com/statistics/609723/value-of-cross-border-payments-by-type/ (last visited December 02, 2020), Value of cross-border payments worldwide from 2016 to 2022, by type, Number of bank customers in Nigeria 2016-2019, Payments at points of sale by type in Nigeria 2020, Volume of e-payment transactions in Nigeria 2019, by channel, Monthly value of e-payment transactions in Nigeria 2020, E-payments transaction efficiency rate in Nigeria 2020, Distribution of online payment methods in Nigeria 2020, Credit card penetration in Africa 2020, by country, Credit card penetration forecast in Nigeria 2010-2025, Debit card penetration forecast in Nigeria 2010-2025, Distribution of credit and debit cards scheme in Nigeria 2020, Number of mobile money agents in Nigeria 2016-2019, Transaction value of mobile money operations in Nigeria 2016-2019, Transaction volume of mobile money operations in Nigeria 2016-2019, Number of licensed MMOs in Nigeria 2016-2019, Number of check payments issued in Nigeria 2015-2019, Mean value of checks in Nigeria 2016-2019, Monthly value of money transfers per mobile app in Nigeria 2020, Monthly value of NEFT payments in Nigeria 2020, Monthly value of RTGS transfer payments in Nigeria 2020, Share of respondents that have cash reserves in the Euro area 2016, by country, Assessment of development of investments in payments technology Americas 2015-2018, Value of payments revenues globally 2010-2018, with forecasts to 2028, EU countries with the highest revenue in non-MFI payments 2018, by country, Capability of banks and start-ups to offer selected payment technologies 2016, Number of payments per capita in Netherlands 2010-2019, by type of payment service, Payment options offered or being developed by retailers worldwide 2016, Value of cross-border payments revenues globally 2018, by type, Projected growth of payments revenue globally 2018-2023, by type, Value of cross-border payments worldwide 2018, by type, Share of merchants reporting payment data theft globally 2018, Number of institutions offering payment services in the European Union 2010-2018, Non-MFI payment transactions in 28 countries in Europe 2016-2018, Payment transactions involving non-MFIs in EU 2011-2018, Number of one-time bill payments in the U.S. 2016, by method, Monthly value of total Bacs payments in the United Kingdom (UK) 2015-2019, Bacs: value of direct credit payments in the United Kingdom (UK) Q2 2013-Q2 2019, Number of institutions offering payment services in the Eurozone 2010-2018, Contactless payments and NFC in the Benelux, Value of cross-border payments worldwide from 2016 to 2022, by type (in trillion U.S. dollars), Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre. 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